Artificial Intelligence (AI) is having a transformative effect on the business world and the $600 billion global legal services market is not immune. As AI automates basic processes, in the legal profession it promises to allow lawyers devote their time to more valuable, cost-effective, and strategic work. Consultants at McKinsey & Company estimate that 22% of a lawyer’s job and 35% of a paralegal’s job can be automated. However, the common perception among lawyers remains that machines cannot yet match the legal intellect of human lawyers in daily fundamentals of the profession. This assumption was tested in the first...Read More
Posted by Jonathan Marciano
Legal technology, commonly known as LegalTech, refers to software that enable lawyers to do their jobs more efficiently and cost-effectively. Though very much an emerging sector, LegalTech already comprises a $16 billion market in the U.S and is growing. Undoubtedly the biggest change in this burgeoning market —taking lawyers by storm—is the rapid rise of artificial intelligence technologies. Here we look at how AI is transforming the everyday practice of law, changing the profession and skills required by lawyers. More than 40 companies are offering solutions—from removing arduous contract reviews, to eDiscovery, or even providing intelligence on where best to try a case....Read More
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